04:13 AM EDT, 04/30/2024 (MT Newswires) -- Joby Aviation ( JOBY ) said Monday it has begun a plan to expand its electric aircraft factory in Marina, California.

The company said the expansion will more than double its manufacturing footprint at Marina Municipal Airport and is expected to begin operations next year, increasing production capacity to a rate of 25 aircraft a year.

The state of California is partly funding the expansion with a $9.8 million grant.

During the groundbreaking ceremony, the electric air taxi company also showed visitors its second production prototype.

Shares of the company were up more than 1% in Monday's after-hours activity.

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